HMC vs SPY: Correlation
How closely do Honda Motor Company, Ltd. (HMC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HMC and SPY?
On 3 years of weekly data the HMC/SPY correlation comes out at 0.31, moderate. Little has changed lately, as the 1-year reading of 0.31 lands near the 3-year figure. The 5-year figure is 0.36, and annualized covariance runs at 126.6 %².
SPY is close to the least connected end of HMC's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 28.1 percentage points (-7.5% for HMC against +20.6% for SPY). Note the risk asymmetry: HMC runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
HMC vs SPY: side by side
| HMC (Honda Motor Company, Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -7.5% | +20.6% |
| 5-year return | +21.7% | +82.4% |
| Volatility (ann.) | 28.1% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -35.2% | -18.8% |
| Market cap | $40.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 222.86% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | HMC | SPY |
|---|---|---|
| 2022 | -16.6% | -18.2% |
| 2023 | +39.9% | +26.2% |
| 2024 | -3.8% | +24.9% |
| 2025 | +5.9% | +17.7% |
| 2026 | +6.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HMC and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HMC and SPY?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.31 over the last year and 0.36 over 5 years.
Is SPY a good diversifier for HMC?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
A reading of 0.31 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: HMC correlations · SPY correlations
